- The Biden administration is delaying decisions on new oil and gas leases and permits after a Louisiana federal judge blocked officials from using higher cost estimates of climate change.
- The leasing pause is an unintended result of the Feb. 11 decision by U.S. District Judge James Cain, who argued that the administration’s attempt to raise the real cost of climate change would hike energy costs.
- The ruling has prompted delays and uncertainty across at least four federal agencies that were using higher cost estimates of greenhouse gas emissions in decisions.
By Emma Newburger | 24 February 2022
CNBC — The Biden administration is delaying decisions on new oil and gas leases and permits after a Louisiana federal judge blocked officials from using higher cost estimates of climate change when making rules for polluting industries.
The leasing pause is an unintended result of the Feb. 11 decision by U.S. District Judge James Cain, who sided with a group GOP-led states and argued that the Biden administration’s attempt to raise the real cost of climate change would hike energy costs and hurt state revenues from energy production. …
Lease sales in states across the U.S. West, including Montana and Wyoming, are now delayed. …
On his first day in office, Biden restored the climate cost estimate to roughly $51 per ton of carbon dioxide emissions, following the Trump administration decision to cut the number to roughly $7 or less per ton and account only for the impacts in the U.S. rather than across the world.
The “social cost of carbon” estimate accounts for effects of events like droughts, wildfires, and storms that have grown more frequent and intense with climate change.
In his order, Cain wrote that using such a metric in oil and gas lease reviews would “artificially increase the cost estimates of lease sales,” which would directly impact states receiving bids and production royalties through energy production. …
Despite a campaign vow to stop drilling, Biden has approved more drilling permits on public lands per month than the Trump administration did during Donald Trump’s first three years in office.
Early in his presidency, Biden signed an executive order directing the Interior secretary to halt new leases and begin a thorough review of existing permits for fossil fuel development. […]
No doubt the great shaytan is going to make a grab for Venezuela unlimited heavy oil reserves across the pond. War is coming to South America.